(Reuters) – Archer-Daniels-Midland reported lower-than-expected fourth-quarter earnings on Tuesday, after an investigation into accounting practices at the company’s nutrition unit delayed the release of its financial results for nearly two months.
The global grains merchant reported adjusted earnings of $1.36 per share for the fourth quarter, while analysts had expected earnings of $1.43 per share, according to LSEG data.
It also announced an additional $2 billion in share repurchases.
(Reporting by Karl Plume in Chicago; Editing by Bill Berkrot and Shilpi Majumdar)
Comments